Damac signs deal with second Chinese brokerage

Damac Properties has signed a deal with a second Chinese brokerage to help it to sell more properties in the country.

Following its initial agreement with 5i5j, revealed by The National in June this year, Dubai-based Damac Properties signed a deal on Friday with Shenzhen-based Qfang, a property sales and rental firm.

Alongside its website, Qfang has a network of 1,200 outlets in 19 cities and employs about 30,000 agents.

Damac Properties said the deal would strengthen its network in southern China.

Sales of Dubai properties to Chinese buyers surged 300 per cent last year to 2.24 billion yuan (Dh1.28bn). In the first eight months of this year, Chinese purchases of Dubai properties amounted to Dh1.1bn, according to Dubai Land Department figures.

Qfang said it would be “actively promoting and selling Damac’s real estate investment products to Chinese investors”.

In March this year, Qfang raised US$68 million by selling a 15 per cent stake to the Shenzhen-based property consultancy World Union.

Earlier this month, Damac Properties reported a 45 per cent year-on-year rise in third-quarter profit to Dh1.02bn, although sales fell 5 per cent to Dh2bn. Niall McLoughlin, Damac’s senior vice president, said the developer had been “very pleased” with its work in China, which involved investments in training programmes for more than 8,000 sales staff in Beijing, Shanghai, Hangzhou and Shenzhen.

“We also met more than 600 investors in August and a further 200 in September,” he said.